Binance Coin, a token developed by the largest cryptocurrency exchange Binance, has continued surging with the news of co-founder Changpeng Zhao‘s release expected soon. The event, in six days’ time, will see the release of Zhao-otherwise known as CZ-after a four-month prison sentence that has driven the BNB closer to $600.Â
Currently, BNB changes hands at $592.95, up 8% in one week. The jump comes on the back of positive sentiment in the markets following the Federal Reserve’s latest interest rate slash and buzz over CZ’s September 29 release.Â
It has been trading in a horizontal channel since July between the resistance of $597.80 and the support at $464.80. Analysts believe that a breakout above this level could trigger heavy buying into the asset. The DMI is suggesting a positive trend as buying pressure is higher than selling, which is also supporting the optimistic view.Â
The same feeling is echoed by Balance of Power (BoP) indicator which rests at 0.30, indicating that for the moment, buyers are in control over the market. Â
If this trend continues, BNB might break the resistance level of $600 and head toward its possible price target of $645.80. In case the bulls lose the grip, the coin may slide back to its support at $464.80.Â
As the market awaits the release of Zhao, probably in a few days, everyone’s holding their breath on whether BNB will continue flying higher.Â
